2022年货币银行学章节知识点及问题答案 .docx

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1、精品_精品资料_货币银行学章节学问点及问题答案Chapter 1WhyStudy Money, Banking ,and Financial Markets.1. Financial markets: markets in which funds are transferred from people who have an excess of available funds Lo people who have a shortage.2. Interest rate : an interest rate is the cost of borrowing or the price paid f

2、or the rental of funds3. Stock : A common stock typically just called a stock represents a share of ownership in a corporation.4. Money: Moneyis defined as anything that is generally accepted in payment for goods or services or in the repayment of debts.5. Foreign exchange market : The foreign excha

3、nge market is where this conversiontakes place, so it is instrumental in moving funds between countries.6. Foreign exchange rate:the price of one countryscurrency in terms of anothers.Questions and answersN:Why study money ,banking and financial markets.A: 1.To examine how financial markets such as

4、bond ,stock and foreign exchange markets work.2. To examine howfinancial institutionssuch as banks and insurance companies work.3. To examine the role of money in the economy.:What is the banking and financial institution.A:1. financial intermediaries, institutions that borrow funds from people who

5、have saved and in turn make loans to others.2. Banks are financial institutions that accept deposits and make loans. financial institutions insuracnocme panies, finance companies, pensionfunds, mutual funds and investment banks.:How we will study money ,banking and financial markets.A: 1. Exploring

6、the Web and Graphing Data.Chapter 2 An overview of the Financial System1. Capital资本 : wealth, either financial or physical, that is employed to produce more wealth.2. Primary market : A primary market is a financial market in which new issues of a security, such as a bond or a stock, are sold to ini

7、tial buyers by the corporation or government agency borrowing the funds.3. Secondary market : A secondary market is a financial market in which securities that have been previously issued can be resold.4. Exchanges证券交易所 : where buyers and sellers of securities or their agentsor brokers meet in one c

8、entral location to conduct trades.5. Capital market : The capital market is the market in which longer-term debt and可编辑资料 - - - 欢迎下载精品_精品资料_equity instruments are traded.Questions and answersNum.1: How could Secondary markets be organized.A: Secondary markets can be organized in two ways. One method

9、 is to organize exchanges, where buyers and sellers of securities or their agents or brokers meet in one central location to conduct trades.The other method of organizing a secondary market is to have an over-the-counter OTC market.N:How to distinguish between money and capital market.A: Money marke

10、t securities are usually more widely traded than longer-term securities and so tendtobe moreliquid. short-termsecurities have smaller fluctuations in prices than long -term securities, making them safer investments. As a result, corporations and banks actively use the money market to earn interest o

11、n surplus funds that they expect to have only temporarily. Capital market securities, such as stocks and long-term bonds, are often held by financial intermediaries such as insurance companies and pension funds, which have little uncertainty about the amount of funds they will have available in the

12、future.Num. 3:What s the International Bond Market, Eurobonds, and Eurocurrencies.A: The traditional instruments in the international bond market are known as foreign bonds. Foreign bonds are sold in a foreign country and are denominated in that countrys currency.The Eurobond is a bond denominated i

13、n a currency other than that of thecountry in which it is sold.Eurocurrencies, which are foreign currencies deposited in banks outside the home country. The most important of the Eurocurrencies are Eurodollars.Chapter 3 What Is Money.1. Wealth : The total collection of pieces of property that serve

14、to store value.2. Income : Income is a flow of earnings per unit of Lime.3. Medium of exchange : promotes economic efficiency by minimizing the time spent in exchanging goods and services.4. Store of value : It is a repository of purchasing power over time. A store of value is used to save purchasin

15、g power from the time income is received until the time it is spent.5. Electronic money or e-money: money that exists only in electronic form.6. Ml : which includes the most liquid assets: currency, checking account deposits, and travelers checks.Questions and answersNum.1: Example the evolution of

16、the Payments System.A: Commodity Money Fiat Money ChecksElectronic Payment可编辑资料 - - - 欢迎下载精品_精品资料_E-Money Num.2: Explain M1 and M2.A: The narrowest measure of money that the Fed reports is Ml, which includes the most liquid assets: currency, checking account deposits, and traveler s checks.The M2 mo

17、netary aggregate adds to M l other assets that are not quite as liquid as those included in M l: assets that have check-writing features money market deposit accounts and money market mutual fund shares and other assets savings deposits and smal-ldenomination time deposits that can be turned into ca

18、sh quickly at very little cost.Num.3: What the function of money.A: 1.Medium of ExchangeIn almost all market transactions in our economy, money in the form of currency or checks is a medium of exchange; it is used to pay for goods and services. The use of money as a medium of exchange promotes econo

19、mic efficiency by minimizing the time spent in exchanging goods and services.2. Unit of AccountUnit of account, that is, it is used to measure value in the economy. We measure the value of goods and services in terms of money, just as we measure weight in terms of pounds or distance in terms of mile

20、s.3. Store of ValueStore of value it is a repository of purchasing power over time. A store of value is used to save purchasing power from the time income is received until the time it is spent. This function of money is useful, because most of us do not want to spend our income immediately upon rec

21、eiving it, but rather prefer to wait until we have the time or the desire to shop.Chapter 4Understanding Interest Rates1. Present value or Present discounted value: a dollar paid to you one year from now is less valuable to you than a dollar paid to you today.2. Yield to Maturity 到期收益率 ：the interest

22、 rate that equates the present value of cash flow payments received from a debt instrument with its value today.3. Coupon bond 息票债券 ：A coupon bond pays the owner of the bond a fixed interest payment every year until the maturity date, when a specified final amount is repaid.4. Consol 有蓄 or perpetuit

23、y永久债券: it is a perpetual bond with no maturity date and no repayment of principal that makes fixed coupon payments of $C forever.5. Nominal interest rate :The interest rate makes no allowance for inflation6. Real interest rate : The interest rate that is adjusted by subtracting expected changes in t

24、he price level inflation so that it more accurately reflects the true cost of borrowing.可编辑资料 - - - 欢迎下载精品_精品资料_Questions and answersNum.1: Distinguish between Fixed-Payment and Coupon Bond.A:1When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.2) The price

25、 of a coupon bond and the yield to maturity are negativelyrelated; that is, as the yield to maturity rises, the price of the bond falls As the yield to maturity falls, the price of the bond rises.3) The yield to maturity is greater than the coupon rate when the bond price is below its face value.Num

26、.2: The distinction between real and nominal interest rates.A: The interest rate makes no allowance for inflation, and it is more precisely referred to as the nominal interest rate. We distinguish it from the real interest rate, the interest rate that is adjusted by subtracting expected changes in t

27、he price level inflation so that it more accurately reflects the true cost of borrowing. This interest rate is more precisely referred to as the ex ante real interest rate because it is adjusted for expected changes in the price level. The ex ante real interest rate that is most important to economi

28、c decisions, and typically it is what economists mean when they make reference to the real interest rate.ir=i-i = nominal interest rate= expected inflation rateNum.3: The distinction between interest rates and returnsA: the return on a bond will not necessarily equal the yield to maturity on that bo

29、nd.RET=i + gThe only bond whose return equals the initial yield to maturity is one whose time to maturity is the same as the holding periodA rise in interest rates is associated with a fall in bond prices, resulting incapital losses on bonds whose terms to maturityare longer than the holding period.

30、The moredistanta bondsmaturity,thegreaterthesize ofthepercentage price change associated with an interes-t rate change.The more distant a bonds maturity, the lower the rate of return that occurs as a result of the increase in the interest rate.Even though a bond has a substantial initial interest ra

31、te, its return canturn out to be negative if interest rates rise.Chapter 5The Behavior ofInterestRates1. Liquidity : The ease and speed with which an asset can be turned into cash.2. market equilibrium : market equilibrium occurs when theamount that people are willing to buy demand equals the amount

32、 that people are willing to sell supply at a given price.3. liquiditypreference framework: determines the equilibrium interest rate in可编辑资料 - - - 欢迎下载精品_精品资料_terms of the supply of and demand for money.4. opportunitycost : The amount of interest expected return sacrificed by not holding the alternat

33、ive asset.5. excess supply : The quantity of bonds supplied exceeds the quantity of bondsdemanded, is called a condition of excess supply.6. excess demand : the quantity demandedis greater than the quantity supplied.Questions and answersNum.1 : Determining the quantity demanded of an asset.A: 1 Weal

34、th, the total resources owned by the individual, including all assets2) Expected return the return expected over the next period on one asset relative to alternative assets 91.3) Risk the degree of uncertainty associated with the return on one asset relative to alternative assets4) Liquidity the eas

35、e and speed with which an asset can be turned into cash relative to alternative assetsNum.2 : What s the Theory of Asset Demand.A : l The quantity demanded of an asset is positively related to wealth.2) The quantity demanded of an asset is positively related to its expected return relative to altern

36、ative assets.3) The quantity demanded of an asset is negatively related to the risk of itsreturns relative to alternative assets.4) The quantity demanded of an asset is positively related to its liquidity relative to alternative assets.Num.3 : Shifts in the Demand for Money1） Income Effecta higher l

37、evel of income causes the demand for money at each interest rate to increase and the demand curve to shift to the right.2） Price-Level Effect a rise in the price level causes the demand for money at each interest rate to increase and the demand curve to shift to the right.Chapter 6The Risk and Term

38、Structure of Interest Rates1. Default-free bond : U.S. Treasury bonds have usually been considered to have no default risk because the federal government can always increase taxes to pay of its obligations. Bonds like these withno default risk are called default-free bonds.2. Yield curve : A plot of

39、 the yields on bonds with differing terms to maturity butthe same risk, liquidity, and Lax considerations is called a yield curve.3. Credit-rating agency : investment advisory firms that rate the quality of corporate and municipal bonds in terms of the probability of default.4. Preferred habitat the

40、ory : It assumes that investors have a preference for bonds of one maturity over another, a particular bond maturity preferred可编辑资料 - - - 欢迎下载精品_精品资料_habitat in which they prefer to invest. Because they prefer bonds of one maturity over another, they will be willing to buy bonds that do not have the

41、 preferred maturity habitat only if they earn a somewhat higher expected return. Because investors are likely to prefer the habitat of short -term bonds over that of longer-term bonds.5. Liquidity premium theory : the interest rate on a long -term bond will equal an average of short-term interest ra

42、tes expected to occur over the life of the long-term bond plus a liquidity premium also referred to as a term premium that responds to supply and demand conditions for that bond.6. Risk premium : The spread between the interest rates on bonds with default risk and default-free bonds, both of the sam

43、e maturity, called the risk premium.Questions and answersNum.1: Whatis the Facts Theory of the Term Structure of Interest Rates Must Explain.A: 1 Interest rates on bonds of different maturities move together over time.2) When short-term interest rates are low, yield curves are more likely to have an

44、 upward slope; when short-term rates are high, yield curves are more likely to slope downward and be inverted .3) Yield curves almost always slope upwardNum.2: What is the three theories to explain the three facts.A: 1Expectations theory explains the first two facts but not the third.2) Segmented ma

45、rkets theory explains fact three but not the first two.3) Liquidity premium theory combines the two theories to explain all threefacts.N:What is the preferred habitat Theory.A: 1 Investors have a preference for bonds of one maturity over another.2) They will be willing to buy bonds of different matu

46、rities only if they earn a somewhat higher expected return.3) Investors are likely to prefer short-term bonds over longer-term bonds.Chapter 7The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis1. Dividend : Dividends are payments made periodically, usually ever

47、y quarter, to stockholders.2. Rational expectations : Expectations will be identical to optimal forecasts the best guess of the future using all available information.3. Adaptive expectations: Expectations of inflation, for example, were typicallyviewed as being an average of past inflation rates. T

48、his view of expectation formation, called adaptive expectations.可编辑资料 - - - 欢迎下载精品_精品资料_4. The efficient market hypothesis : In these markets, people with better forecasts of the future get rich. The application of the theory of rational expectations to financial markets where it is called the efficient market hypothesis or the theory of efficient capital markets.5.